An index from the Canadian Federation of Independent Business shows that confidence among small business owners increased last month.
New figures from the Canadian Federation of Independent Business indicate a rise in confidence among Canadian small business owners during the month of May.
The CFIB's Business Barometer Index rose to 67.3 last month - about one point above its previous level. The reading is consistent with the index's average since late last summer, indicating a slow but sustainable growth rate of about 3 percent annually.
Levels above 50 on the 100-point scale mean that the number of business owners expecting their companies' performance to improve in the next year outnumber those who anticipate a weaker performance. When the economy is growing, the CFIB says, index levels are normally between 65 and 75.
According to the index, small and midsized businesses are currently the most optimistic, with a score of 72.8. Companies involved in the mining, oil and gas sector also had readings above 70.
As Reuters reports, the survey's results coincide with a recent rise in the Bank of Canada's key interest rate. The news agency reports that the rate increase was prompted by stronger-than-expected domestic economic data.
